New answers tagged ira
16
votes
How can I withdraw money from Inherited IRA and credit it to last year?
You cannot backdate a withdrawal from an IRA. The backdating of contributions is explicitly allowed in the IRC (See 26 USC 219(f)(3)), but there's no such provision for withdrawals (See 26 USC 408(d))....
- 148k
0
votes
What are the pros and cons of using an IRA distribution as a bridge loan when selling and buying a house?
The timeline would look something like this:
Accept an offer on house 1
Withdraw from my IRA
Make an offer on house 2 with contingencies waived and a fully underwritten pre-approval from a lender
...
- 125k
5
votes
What are the pros and cons of using an IRA distribution as a bridge loan when selling and buying a house?
You can do this, and people have done this before.
Main things to consider:
You can only do one indirect roll-over in 12 months period,
If you mess up on dates or amounts and miss the 60 days window ...
- 148k
1
vote
Accepted
Convert Traditional IRA into Roth after deduction submitted to IRS
In focussing on the question as asked, I forgot to offer an alternative you may prefer.
But first, to be clear, the Roth limit is not a cutoff at 144k, it is phased in from 129k to 144k (for 2022; ...
- 4,489
0
votes
Convert Traditional IRA into Roth after deduction submitted to IRS
It’s actually not complicated at all! In fact, this isn’t a back door Roth, which is when somebody over the Roth limit makes nondeductible tIRA contributions and then rolls them into a Roth. It’s an ...
- 378
10
votes
Accepted
Does the pro rate rule on taxes for backdoor Roth IRA conversion apply if you have multiple Roth NOT traditional IRAs?
It doesn't. The pro-rata rule / the IRA aggregation rule only applies to pre-tax IRAs (Rollover, Traditional, SEP, and SIMPLE IRAs). 401ks, other qualified plans, and Roth accounts aren't counted.
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8
votes
Accepted
IRA to HSA transfer - do the funding limits apply?
No, you cannot do a transfer of $60,000 from an IRA to your HSA. The IRA to HSA rollover is limited to the remaining annual HSA contribution limit you have left for the year (excluding any other ...
- 148k
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